Canara Bank Personal Loan

Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the Canara bank and RBI. Interest rates are updated as on Jan 2022.

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Canara Bank Personal Loan Interest Rates

Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the Canara Bank and RBI.

The interest rate offered to an individual may vary based upon various factors including but not limited to credit score, income, employer/employment type, etc.

Also Know: Latest Personal Loan Interest Rates of All Banks and NBFCs

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Comparison of Canara Bank PL vs. Other Lenders

Fees & Charges

Note: GST and service tax are not added in the mentioned charges and will be levied extra by the Canara Bank.

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Types of Personal Loans from the Canara Bank

a) Canara Pension Loan 

Features & Eligibility Criteria:

Purpose: To meet the urgent medical urgencies and other personal requirements of pensioners

Interest Rate: 10.20%

Loan Amount: 

• For General Pensioners: Rs. 5 – 10 lakh
• For General Pensioners: Rs. 5 – 10 lakh
• For Defence Pensioners: Rs. 5 – 10 lakh
• For Family Pensioners (General/Defence Pensioners): Rs. 3 – 5 lakh

Eligibility:

• All the State Government Pensioners
• All the Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
• Pensioners of all Public Sector Undertakings/Corporate Pensioners
• Pensioners of all Government Department Undertakings
• Family Pensioners of all the above categories

Margin: Nil

Processing Fee: Waived off under this loan scheme

Repayment Tenure

• For General Pensioners: 36 – 60 months
• For Defence Pensioners: 24 – 84 months
• For Family Pensioners (General/Defence Pensioners): 36 – 60 months

b) Teachers Loan

Features & Eligibility Criteria:

Purpose: To meet the personal and domestic needs of teachers but not for any speculative purpose

Interest Rate: 10.90% – 12.95%

Loan Amount: Up to Rs. 3 lakh

Eligibility:

• All confirmed teaching or non-teaching staff working in a school or college
• Net take home after meeting the proposed EMI should be minimum 30% of the gross salary or Rs. 10,000/- whichever is higher

Margin: Nil

Processing Fee: 1 % of the sanctioned loan amount with a minimum of Rs. 50

Repayment Tenure: Up to 48 months

c) Canara Budget

Features & Eligibility Criteria:

Purpose: To meet genuine personal or domestic requirements other than any speculative purpose.

Interest Rate: 11.25% – 13.30%

Loan Amount: Salaried: – 6 months’ Gross Salary or Rs. 3 lakh, whichever is less.

Overdraft: Overdraft (clean) facility up to a maximum of Rs. 3 lakh

Eligibility:

• Central/State Government
• Reputed Corporates/Public Limited Companies/Private Institutions
• Lecturers/Asst. Professors/Professors of Colleges/ Research Institutes and Universities
• Reputed PSUs/Joint Stock Companies
• IT/BT Companies

Repayment Tenure: (Term Loan): In a convenient Equated Monthly Instalments upto 60 months.
Overdraft: Renewal in 2 years

Processing Fee: 0.5% of the sanctioned loan amount subject to a minimum of Rs. 1000 and maximum of Rs. 5000

Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the Canara bank and RBI. Interest rates are updated as on Jan 2022.

Documents Required

• Duly filled application form with passport-sized photographs
• Identity Proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
• Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
• Income Proof: Bank Account Statement, Salary Slips, Form 16, ITR

Apart from these, the following are some additional scheme-specific documents that Canara Bank may ask for at the time of loan application:

Canara Pension

• Stipulated loan application with 2 copies of passport size photographs
• Co-obligation (unless waived by the bank)
• Delivery letter to DPN (Demand Promissory Note)

Security Required

• Loan to Pensioners: Co-obligation of the spouse or any other person/ pensioner, as stipulated by the sanctioning authority
• Loan to Family Pensioners: Third-party guarantee or co-obligation

Teachers Loan

• Stipulated Loan Application with 2 passport size photographs
• Latest Salary Certificate and Form No.16
• Co-obligation where applicable
• Pronote/Pronote Covering Letter
• An undertaking letter from salary disbursing authority at district/block level not to shift the salary account without NOC from the branch

Canara Budget

• Stipulated Loan Application with 2 copies of passport size photographs
• Latest Salary Certificate and Form No.16/ITR/ITAO for last 3 years
  Co-obligation
• Pronote / Pronote Covering Letter

Canara Bank Personal Loan EMI Calculator

Why Apply for a Personal Loan at Paisabazaar?

• Top Offers on a Single Platform: Paisabazaar has partnered with more than 40 lenders including top banks, NBFCs, Fintechs and offers access to the best available personal loan offers from multiple lenders on a single platform
• Compare and Choose: With Paisabazaar.com you can compare personal loan interest rates and other key features such as other key fees and charges, disbursal offered by different banks and NBFCs and select the most suitable option for yourself
• Chances of Approval and Personalized Offers: Paisabazaar.com lets you have access to personal loan offers from multiple lenders listed as per your Chances of Approval based on your credit score and other eligibility factors. This feature helps you select the loan offer that has the highest chances of approval
• Complete Guidance & Assistance: The team of experts at Paisabazaar offers unbiased advice and complete guidance at every step to help you choose the most appropriate option for yourself. The customer-friendly team offers end-to-end assistance to offer you a seamless loan experience
• Pre-Approved Offers: Once you have registered yourself with Paisabazaar, you can get access to personalized pre-approved loan offers from different lenders, provided you have a healthy credit history. These instant and preapproved personal loan offers usually come with low-interest rates, minimal or no processing fee and documentation, etc.

• Paperless Process: Paisabazaar is a digital platform that lets you carry out the entire loan process online

• Document Pickup: Paisabazaar offers customers the option to get their documents picked from their doorstep without any additional charges in case physical documentation is required at any step

FAQs

Q. What will happen if I miss an EMI?

If you miss a loan EMI of Canara Bank, you may have to pay a late payment fee, penal interest on the due principal amount and your credit score might also get adversely affected.

Q. I am a salaried professional and wish to opt for a loan to pay my father’s medical bills. Which loan scheme should I opt for?

You can opt for the Canara Budget loan scheme to deal with such a situation.

Q. Can I apply for Canara Budget if I am a self-employed professional?

No, currently only salaried individuals can apply for a Canara Budget loan and selected customers can apply for preapproved personal loan.

Q. How is my interest rate decided by Canara Bank?

At present, the interest rate offered on Canara Bank personal loans starts at 10.20% p.a. However, the interest rate applicable to an applicant varies with the person’s individual applicant profile, personal loan variant opted for, loan amount and tenure desired, etc.

Q. How should I contact Canara Bank for queries and assistance?

You can get in touch with the Canara Bank customer care team via any of the following means given below:

• You can call on 1800-425-0018/ 1800-103 -0018 / 1800-208-3333 / 1800-3011-3333  (24×7 toll-free) or +91-80-22064232 (non-toll free)
• New customers can also fill up the ‘Reach Us’ form on the Canara Bank website
• You can visit the nearest Canara Bank branch

Please Note: Canara Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.